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Release Date: 8th December 2022

To access the original FCA document, click here.


Santander UK Plc has been fined £107,793,300 by the FCA for significant anti-money laundering (AML) failings. These failures included inadequate systems and controls to manage the money laundering risks associated with their Business Banking customers, which posed a serious risk to the integrity of the UK financial system. The fine was reduced from £153,990,400 due to a 30% discount for early settlement.

Key Reasons for the Fine:

Specific Case Example:

One notable failure involved Customer A, an MSB that misrepresented its business as providing translation services. Despite clear indications that it was engaged in financial intermediation, Santander UK failed to verify the nature of its business, leading to over £269 million passing through the account without appropriate scrutiny.

Key Takeaways for Other Firms:


The FCA’s penalty on Santander UK Plc underscores the importance of having effective AML controls to protect the integrity of the financial system. By addressing the highlighted deficiencies and committing to ongoing improvements, Santander UK aims to prevent future AML failings and ensure robust compliance with regulatory standards. Other firms should heed these lessons to avoid similar penalties and contribute to the overall stability of the financial system.

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